Crude oil prices fell $3 in three days; North Dakota's oil production dropped below 1.2 million daily barrels.

Crude oil prices fell $3 in three days, with NYMEX crude at $76.65/barrel and London Brent under $78. North Dakota's oil production dropped below 1.2 million daily barrels for the second consecutive month, down 1.9% from May. The US is a near-3 million barrels a day net petroleum exporter, with crude oil imports outpacing exports by 2.5 million and product exports beating imports by 5.4 million. Chevron announced the first-ever offshore crude production from previously inaccessible fields with peak output at 75,000 barrels/day and 28 MMcf of natural gas.

August 19, 2024
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